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Subprime lending market in Canada skyrockets to record as banks tighten reins.
Date Posted: December 18, 2014
According to the data obtain by the Financial Post, alternative lenders (who are major beneficiaries of the subprime market) now underwrite 2.2% of all mortgage loans in Canada. Though this market share isn't likely to cause any major impact on the housing market in the event of defaults, their market share has exploded.
The country's big banks have been tightening lending standards in response to moves made by the federal government and CMHC to try and rein in household debt and cool the housing market. This has been bolstering non-bank mortgage lenders in Canada. A lot of the business these alternative lenders are now picking up are deals that the big banks used to take on, prior to their lending criteria being tightened.